3.0时代的车险蓝图
AXA 3.0 Era Motor Insurance Blueprint
在以“多元产品，品质把控，持续发展”为特征的3.0时代，作为公司业务占比最高的车险，依然是公司生存的根本，业务的基石，甚至肩负着公司实现弯道超车，整体跃升的重任。本期公司总精算师兼首席定价官殷兆男先生将为我们描述他眼中的车险发展图景。
1+2的发展模式
车险业务将在3.0时代进入一个健康、可持续发展的新格局，其发展模式可以凝练为“1+2”，1就是以成本优化管控为业务策略的重中之重，2则是两个重点项目——客群升级和新能源车险。
2021年是车改元年，行业整体受到了较大冲击，车险保费规模下降，综合成本破百，竞争全面加剧，部分中小公司逐渐收缩车险业务。综合车改后，安盛天平通过总分团队的努力，顶住了此次车改带来的保费下降、保障提升的压力，保单品质不仅没有恶化，还在继续优化。在3.0时代，我们将继续优化保单品质，加强前后端的联动，全力以赴达成公司的成本关键绩效指标。
另一方面，车险发展策略需要兼顾短期和中长期的需求。不仅要做好成本管控，同时还需要提升渠道建设、定价管理、理赔管理、产品组合等各方面的能力，并在可持续性发展的客群上做更多的投入。客群升级意味着提升客户价值，利用既有资源经验，实现更多交叉销售，为公司未来的健康发展奠定基础。
虽然行业明年的盈利水平和竞争态势依然充满不确定性，但我们必须稳定车险规模，稳住业务基盘。随着中国新能源车的新车渗透率在去年9月达到20%，这也将成为一个我们必须进入的市场，不容错失的机会。
2022开门红
2022年一季度，公司车险业务实现了业绩和成本双优的喜人开局。在开门红竞赛中，车险保费在面临严峻的市场压力下，实现增长9.5%，是近几年增速最高的开局。同时保单成本和财务成本也持续优化，保单年综合成本同比去年优化3.3%，财务年综合成本率优化1.2%，A区的江苏，B区的上海，C区的山东等机构，都是车险成本和业绩在各区综合表现的佼佼者。
2022年是车险综合改革的第二个完整年份，行业市场趋势也将逐渐清晰，目前已有以下几个趋势判断：
1，市场基本面向好，竞争理性程度增强。车险的成本压力在今年会更加显著，一方面是综改后保费下降的财务指标压力将逐渐显现，另一方面是理赔标准逐年上升已是确定事实。因此头部公司的竞争策略的理性程度会提升，并将带动整体市场环境的好转；而小公司鉴于自身更大的成本压力，也将审慎采取激进的策略。
2，新能源车发展迅速，将成为市场一个新的增长点，但同时带来更高的成本压力，市场对此业务的观望情绪明显。
3，市场及环境的不确定因素还有很多，将影响阶段性的业务环境和节奏。例如巨灾、疫情等。
2022年也是新能源产品推出后的首个完整年份，而上述这些趋势也车险条线带来启示：
1，在相对理性的市场环境下，我们有机会稳扎稳打，深耕现有客群，做好客户价值的提升。
2，勤练内功，建设面向未来新型业务的综合能力，比如新能源业务方向的发展能力等。
3，面对不确定的市场环境，采取更具灵活性的把握策略和节奏，同时不断提升内部规范化管理能力，找到一条既适应中国市场，又符合集团管理要求的，安盛天平特色的车险定价管理模式。
新能源车险——快人一步，稳中求进
在全球市场，绿色可持续成为发展的重要课题，能源革命和数字革命推动汽车产业进入新能源时代；在中国市场，历史性变局带来前所未有的赶超机遇，国家战略给予充分支持，市场规模得以爆发式增长。2021年，中国新能源汽车保有量达到784万辆，同比增长59.3%，占比全球约5成。在国务院办公厅印发的《新能源汽车产业发展规划（2021-2035）》中，到2025年，新能源汽车销量占比有望达到20%左右。再结合绿色经济政策鼓励、技术成熟度提高、基础设施完善、制造成本进一步下降，以及消费者需求驱动力上升等一系列条件的共同驱动下，新能源汽车的保有量必将持续增长，加速变革。
科技发展不断加快保险行业演变的进程。12月14日，中国保险行业协会发布了《新能源汽车商业保险专属条款（试行）》，数百万新能源车主期盼已久的新能源车险正式出台。在安盛天平，我们一直以来都有关注新能源汽车及其相关技术的发展，并研究探讨如何能更完善地为新能源汽车提供定制化的保障服务。在此之前的几年，安盛天平已先后与多家新能源汽车相关企业合作，充分运用各自在资源、技术等层面的产业优势，在构建和完善新能源汽车服务生态层面展开深入探索。
在不久前召开的安盛亚非大区首届员工大会上，大中华区CEO Sally在讲话中特别介绍了新能源车险项目（NEV Project），足以体现集团、亚非和安盛天平管理层对该项目的高度重视，它不仅是当前的主要业务增长点，也代表着业务的未来，更承载了安盛天平车险业务条线实现弯道超车，重焕领导力的机遇。
安盛集团凭借强大的区域网络布局，以及在前沿科技方面的长期探索和积累，拥有得天独厚的全球化资源和领先技术。在安盛集团创新实验室、GI Hub技术中心的大力支持下，安盛天平新能源项目组正式成立，首要目标是梳理明晰该项业务的战略目标和方向，并为其未来发展建设和储备能力、资源。为协调所涉及的多个部门，确保各事项齐头并进，该项目被拆解为包括战略工作流、合作伙伴工作流、渠道工作流、核保定价工作流、理赔工作流、产品工作流等在内的多个子项目，并设定了清晰的目标和实施举措。
通过一段时间的努力，项目组获取了宝贵的行业数据、一手资讯和前线反馈，对于新能源业务的市场格局、未来趋势、公司能力现状、未来重点突破等有了越来越清晰的认知。与此同时，项目组也意识到新能源项目尚处于成本相对较高的区间，如何兼顾当前的成本管控和未来的发展机遇是必须审慎面对的问题，项目组始终保持谨慎乐观的态度，力争规划一条稳健的业务发展路径。——“在新能源业务板块，我们一定要确保行动比别人快，但走得也比别人稳。”殷总如是总结。
Motor insurance is the backbone of AXA’s 3.0, which centers around “diversified products, quality control, and sustainable development”. Accounting for the highest percentage of its business, the motor insurance business is crucial to the company’s standing out from its peers and its transformation towards AXA 3.0. On this note, Scott Yin, Chief Pricing Officer & Chief Actuary, shares his vision for the development of our auto insurance business.
The 1+2 Development Model
The motor insurance business will enter a new healthy and sustainable development phase in the 3.0 era. Its development model can be summarized as “1+2”, with 1 representing the top priority of cost optimization, and 2 referring to two key projects—the clientele upgrade project and the new energy vehicle (NEV) insurance project.
2021 was the first year to see motor insurance reforms, which have significantly impacted the entire industry: premiums declined, the combined ratio exceeded 100%, competition intensified, and several small and medium-sized companies gradually scaled down their businesses. Since the motor deregulation, AXA Tianping withstood the pressure from decreased premiums and expanded coverage to continuously navigate the negative impact and ultimately optimize its policy quality. In the 3.0 era, we will continue to optimize policy quality, strengthen the connection between the front and back offices, and strive to achieve the company’s cost KPIs.
On the other hand, the motor insurance development strategy needs to balance short-term and mid-to-long-term needs. We need to allow for effective cost control. We also need to improve various areas such as channel expansion, price management, claims management, product portfolio design, and investing in a more sustainable customer base. Upgrading the customer base means enhancing customer value and leveraging our current resources and experience to increase cross-selling, and lay the foundation for the company’s healthy future growth.
Although uncertainties remain on profitability and fierce competition in the coming year, we must stabilize our motor insurance scale and cement a concrete foundation for our business. With China’s new vehicle penetration rate of new energy vehicles reaching 20% in September last year, we are poised to enter this segment and grasp the growth opportunity.
A Strong Start in 2022
In Q1 2022, our motor insurance business achieved a strong start in terms of sales performance and cost control. We recorded a 9.5% increase in written premiums, which was the highest Q1 growth rate in recent years. At the same time, policy and finance costs were further optimized. Compared to last year, the total annual policy cost was optimized by 3.3% and the total annual financial cost ratio was optimized by 1.2%. Jiangsu (Region A), Shanghai (Region B), and Shandong (Region C) were leading in their respective region in motor insurance cost control and sales performance.
As 2022 marks the second full year under the reform, industry trends are expected to be clearer. Here are our observations:
1. Overall market looks promising and the competition is becoming more rational. The cost pressure will be more significant this year, as the financial indicator pressure gradually appears from declining post-reform premiums. On the other hand, claims standards are set to increase year by year. Therefore, leading companies will be more rational with their competitive strategies, which will help improve the market environment overall; smaller companies will also be forced to consciously implement aggressive strategies given greater cost pressures.
2. The rapid development of the NEV market will become a new growth engine, but it will also increase cost pressure, and as such, the market is expected to maintain a wait-and-see attitude.
3. There are still many uncertainties that will affect the business environment and development plan, for example, natural disasters, the COVID-19 pandemic, etc.
2022 will also be the year of launching NEV products, and the aforementioned trends also offer the following insights on motor insurance:
1. In a relatively rational market environment, we can build solid foundation, cultivate our existing customer base, and enhance customer value.
2. We have the chance to improve our capabilities internally and develop comprehensive offerings to help with emerging businesses, such as the necessary capabilities for the NEV business.
3. We will be more flexible with our strategy and plans amid uncertainties, while continuously improving and standardizing internal management capabilities. Our goal is to curate the right auto insurance pricing and management model for the Chinese market, which both meets the Group’s management requirements and reflects AXA Tianping’s unique positioning.
New Energy Vehicle Insurance—Faster and Steadier
Globally, sustainability has become a crucial topic. Energy and digital transformation are ushering the automotive industry into the new energy era. In China, these monumental changes present unprecedented opportunities. China’s national strategies have also offered full support to turbocharge the explosive growth. In 2021, China’s ownership of NEV reached 7.84 million, up 59.3% YoY, accounting for around half of global units. According to the Development Plan for the New Energy Vehicle Industry (2021-2035)released by the General Office of the State Council, the share of NEV sales is expected to reach about 20% by 2025. With the green economic policy support, improving technology and infrastructure, further decline in manufacturing costs, and rising consumer demands, NEV ownership is set to continue to grow as the transformation accelerates.
Technology development continues to drive the insurance industry’s evolution. On December 14, the Insurance Association of China released the Exclusive Terms and Conditions for New Energy Vehicle Commercial Insurance (Trial), the long-awaited NEV insurance plan for millions of NEV owners. At AXA Tianping, we have been following the development of new energy vehicles and their related technologies, and we have been studying and exploring how we can better provide customized coverage services for new energy vehicles. In the past few years, AXA Tianping has cooperated with numerous NEV companies. We have fully utilized their resource and technological advantages to explore the construction and improvement of the NEV service ecology.
At the first AXA Tianping Asia-Africa staff meeting recently, CEO of Greater China Sally introduced the New Energy Vehicle Project Team (NEV Project), which shows the all-around importance of this project. It is not only the main growth engine but also represents the future of the business and carries AXA’s vision to excel in the motor insurance industry.
With an extensive regional network and a long history of exploring and accumulating cutting-edge technologies, AXA Tianping is uniquely positioned to capture growth with the support of global resources and pioneering technologies. With the support of AXA Labs and GI Hub, the AXA Tianping NEV Project Team was established to identify strategic business objectives, while developing our capabilities for future development. To coordinate with the multiple departments involved and to ensure everything is progressing smoothly, the project was divided into multiple workflows, including Strategy, Partners, Channels, Underwriting and Pricing, Claims, and Products, among others. All of which were given clear objectives and implementation initiatives.
Through this period of hard work, the project team has been able to obtain valuable industry data, first-hand information, and feedback from the front-line staff. We now have an increasingly clear understanding of market patterns, trends, company capabilities, and key imperatives in the NEV business. At the same time, the team is aware that the project still falls in a relatively high-cost range. Therefore, how we balance cost control and development opportunities is a topic that must be meticulously addressed. The team is cautiously optimistic as it strives to curate a solid business development plan. ——“For NEV business, we must be the first-mover, but also act more consciously and steadily than others,” Scott summarized.